Luxembourg Inflation July 2022

Luxembourg

Luxembourg: Harmonized inflation moderates in July

August 5, 2022

Consumer prices fell 1.00% from the previous month in July, swinging from the 0.76% increase logged in June. July's result marked the sharpest fall in prices since July 2016. Looking at the details of the release, housing and utilities prices dropped in July compared to the previous month and price pressures for transportation dropped.

Harmonized inflation came in at 9.3% in July, down from June’s 10.3%. Meanwhile, the trend pointed up, with annual average harmonized inflation coming in at 5.1% in July (June: 4.8%). Lastly, consumer price inflation fell to 6.8% in July, from the previous month's 7.4%.

FocusEconomics Consensus Forecast panelists project harmonized inflation to average 7.1% in 2022. In 2023, they see harmonized inflation averaging 2.8%.


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Luxembourg Inflation July 2022

Note: Month-on-month and year-on-year variation of consumer prices in %.
Source: Statistical Office of Luxembourg (STATEC)


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